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BRIEF-Orchestra Premaman FY net result turns to loss of 33.6 million euros
June 30, 2017 / 6:12 AM / 2 months ago

BRIEF-Orchestra Premaman FY net result turns to loss of 33.6 million euros

June 30 (Reuters) - Orchestra Premaman SA:

* FY REVENUE: €608.3 MILLION (UP 8.7%)

* FY GROSS OPERATING INCOME: €37.4 MILLION (6.2% OF REVENUE)

* DECLINE IN PROFITS REFLECTS TRANSFORMATION IN THE STORE NETWORK IN A HIGHLY COMPETITIVE MARKET

* FY NET LOSS EUR 33.6 MILLION VERSUS PROFIT OF EUR 17.7 MILLION YEAR AGO

* FY OPERATING LOSS EUR 21.9 MILLION VERSUS PROFIT OF EUR 30.1 MILLION YEAR AGO

* PRIORITY FOR CO IN 2017-2018 IS TO IMPROVE PROFITABILITY TO RETURN TO SOLID GROWTH PATH, WITH TARGET FOR GROSS OPERATING INCOME OF 9% FOR 2020

* DECIDED TO APPOINT MR STEFAN JANISZEWSKI AS CHIEF FINANCIAL OFFICER Source text: bit.ly/2u5kFXS Further company coverage: (Gdynia Newsroom)

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